UPSC CSE 5k 107 94% Ashish Singh Live Minutes Lessons taught Rating View complete profile Upcoming courses POLITY Revision Course on Science & Technology for PT with MCQs Starts on March 14, 5.00 PM 7 lessons Ashish Singh ECONOMY Exam Centric Current Affairs on Indian Economy for PT 2019 Starts on March 18, 7:00 PM 6 lessons Ashish Singh ECONOMY Crash Course on Important Government Schemes Starts on March 25, 5:00 PM 7 lessons Ashish Singh
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Useful tool GS PAPER 3 Indian Economy
For the banks, it is a way to earn some interest out of the forex reserves lying idle in their kitty. Apart from injecting fresh liquidity into the economy, the move will have implications for the currency market even as it helps shore up the RBI's dollar reserves. . Bond yields rose on the day following the announcement of the swap scheme last week, reflecting the prevailing opinion among traders that the RBI may gradually reduce its dependence on the regular bond purchase scheme to manage liquidity within the economy. While traditional open market operations distort the bond market the new forex swap scheme will introduce new distortions in the currency market
The rupee's recent rally against the dollar has been halted by the RBl's decision to infuse rupees and suck out dollars through the swap scheme Even so, it is worth noting that the rupee has appreciated significantly in value terms against the dollar since the low reached in October as foreign investors have begun to pour money into the Indian economy.
Overall, the dollar-rupee swap is a useful addition to the RBI's policy toolkit as it offers the central bank a chance to directly influence both the value of the rupee and the amount of liquidity in the economy at the same time using a single tool. In the aftermath of the liquidity crisis in the non-banking financial sector, it can be an effective way to lower private borrowing costs as well The coming elections, which can lead to an increase in cash withdrawals from banks, may have also played a role in the RBI's larger decision to boost liquidity in the system.
The way banks respond after receiving fresh liquidity from the RBI, however, will determine the success of the new liquidity scheme to a large extent Businesses could benefit from the greater availability of liquidity, but only if banks aggressively pass on the benefit of lower rates to their borrowers. If banks choose to deposit the fresh RBI money in safe government securities at low yields, as they have done in the past, the de facto carp on the government's borrowing costs will remain intact. But if banks manage to find alternative ways to deploy their money, the RBI's new liquidity scheme could end up raising borrowing costs for the government, punishing it for fiscal indiscretion,.
A short history of data GS PAPER 2 Government policies and interventions for development in various sectors and issues arising out of their design and implementation. 16.. 0.10 4715 0.26 1.18% 26 4.11% +031 7m 0.31 22.12 0.18 3341 1 A 2.33 0.22 95.87 0.19 18.94 2.33% 5.22%Y
Over the past two months, Indian national statistics and the organisations that administer them have faced a volley of criticism In January two independent members of the National Statistical Commission resigned in protest, over alleged suppression of economic data by the government. More recently, amidst growing scepticism regarding India's official statistics, more than a hundred scholars comprising economists and social scientists released a statement decrying the fall in standards of institutional independence, suggesting political interference as the cause. .Kaushik Basu, a former chief economist of the World Bank, also recently bemoaned the declining credibility of India's official statistics.
While the British colonial government had made efforts to collect statistics on the subcontinent from the early 19th century, these were provincially organised and geared towards trade and administration. On the eve of World War Il, it had become apparent, both to the colonial government and the Indian National Congress, that any concerted postwar developmental effort would require fine-grained statistical information on the national economy. Nehru, Chairman of the Congress's National Planning Committee, called attention in 1938 to the "fact of the absence of accurate data and statistics.". Even a decade later, he would admit, "we have no data," as a result of which, "we function largely in the dark."
t was this need that would elevate the profile of the Indian Statistical Institute and Mahalanobis, both internationally feted in the 1940s for their scholarly contributions to theoretical and applied statistics. 'The Professor', as Mahalanobis was known to associates, was involved in the discussions that led to establishment of the UN Statistical Commission in New York (a body that he would be voted Chairperson of several times during the 1950s). As a pioneer in the emerging field of large-scale sample surveys, he would also be the force behind creating the UN Sub-Commission on Statistical Sampling in 1947, co-authoring the textbook on the subject in 1950.
Launching sample survevs By the middle of the twentieth century, the Indian Statistical Institute was globally recognised as a leader in the field of sample surveys. It would soon even begin training statisticians from other developing countries. The famed English statistician R.A. Fischer observed that its achievements "brought India not far from the centre of statistical map of the world." The Institute's fingerprints were readily apparent in the creation of India's National Income Committee, the Central Statistical Organisation, the International Statistical Education Centre in Calcutta, and the National Sample Survey all created around the mid-century mark.
The Hindu Daily Editorial Discussion 21/3/19 Ashish Singh
The inaugural National Sample Survey was, as the Hindustan Times reported in 1953, "the biggest and most comprehensive sampling inquiry ever undertaken in any country in the world." These were, as Nobel Prize-winning economist Angus Deaton put it, the "world's first system of household surveys to apply the principles of random sampling." The sheer scale seemed foolhardy, even to sympathetic statisticians. As the American statistician W. Edwards Deming recalled: "We in this country [U.S.], though accustomed to large scale sample surveys, were aghast at Mahalanobis' plans for the national sample surveys of India. Their complexity and scope seemed beyond the bounds of possibility."
The first survey, performed by hundreds of dedicated staff, involved manifold challenges according to reports: in Odisha's forested areas investigators had to be accompanied by armed guards; ivesiea orsthante ans in the Himalayas they waited for the snows to melt in the passes; in Assam they encountered "naked tribes" who did "not know what money means"; and elsewhere they waded through "deep jungles infested with wild-beasts and man eaters."
High-definition snapshots The results of the National Sample Survey offered high-definition snapshots of the country's material life casting light on cost of living, crop estimates, household consumption, industry, trade, and land holding patterns. Twenty years later, the once sceptical Edwards Deming was now a convert: "No country, developed, under-developed or over- developed, has such a wealth of information about its people as India." .The contemporary Singaporean statistician Y.P. Seng observed that by comparison that China had "no genuine statistics" and so India's example of using surveys would "serve as a guide and an example worthy of imitating".
The Planning Commission, beginning in 1962, used the data the National Sample Survey generated by its household surveys to craft the country's poverty line. India was a frontrunner in this regard: the United States developed its own poverty line three years later. With their combined influence on the UN Statistical Commission and the UN Sub-Commission on Statistical Sampling, the Indian Statistical Institute and the National Sample Survey continue to have a lasting impact on estimating poverty across the developing world Methods pioneered by the National Sample Survey have become the norm for household surveys across the globe
An anomaly? This distinguished history, which India can claim with pride, makes the recent undermining of the credibility of our statistical output especially regrettable. We can, however, ensure that when we look back on this several years from now, it represents an anomaly rather than a lasting irreparable loss of institutional credibility.
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IB ACIO II- 2017(Mains Qualified), Verified Exam cleared- SSC CPO (2014), SSC CGL Tier (2016 - Qualified for Mains), DSSSB (Mains)